Zylo targeting additional growth, more jobs
The CEO of Indianapolis-based Zylo says the future for the tech company could mean several hundred new jobs over the next few years. The company, which helps businesses manage their software subscriptions, recently won Scale-Up of the Year at the TechPoint Mira Awards and raised a total of nearly $37 million in Series C funding.
“We’re just fresh off of capital,” Eric Christopher said. “So we’re excited to what’s ahead for more growth.”
Speaking with Inside INdiana Business Host Gerry Dick, Christopher talked about the potential the company has to continue its trajectory.
“If we hit the type of revenue, milestones and things that we have, we may raise more capital. We may turn our sights towards just kind of becoming more efficient,” Christopher said. “So we’ll kind of see how the next few years go, but we could be adding hundreds of jobs here in the next few years.”
Zylo was founded in 2016, launching out of Indianapolis venture studio High Alpha. The company has developed a software-as-a-service platform designed to help other companies manage their SaaS subscriptions.
“Imagine a big company, where every employee now is a buyer of software, and they’re buying Zoom licenses and Docusign, and Slack,” said Christopher. “IT and finance just don’t have a really good way of of managing it all. And so that’s what we created as a way to manage their software.”
The company has grown to 130 employees since its founding. Christopher said a rise in software subscriptions, which was exacerbated by the pandemic as more people worked from home.
“Now, we’re in these economic uncertain times with rising interest rates, and just not really sure what’s ahead. So many companies are pulling back,” he said. “Some of our growth now is companies are kind of waking up that they need to run more efficiently and maybe think about how much software they actually have and look to even reduce it.”
Zylo touts many big name customers, including Eli Lilly and Co., Nike and Spotify.
In 2019, the company secured $22 million in Series B funding, led by Menlo Ventures in California. Last November, Zylo landed $31.5 million in Series C funding, which was supplemented in February by an an additional $5 million.
Christopher said he’s proud to have his company located in Indianapolis while it makes its name on a national and global stage.
“It’s rewarding to be an Indianapolis…being at the Mira Awards and winning the scale up and being here,” he said. “And also knowing that we’re really kind of impacting and showcasing the city to others is really fun. So we have a lot of advantages here and we’re using them.”